Avalanche Treasury Co. started trading on NASDAQ under the ticker AVAT on June 11, and the market’s verdict was swift. The stock closed its first session at $1.85, down 16% from its opening, in what amounts to one of the more painful public debuts for a crypto-adjacent company this year.
The company holds approximately 15 million AVAX tokens, which account for roughly 3% to 3.5% of the token’s circulating supply. AVAX itself is trading near $6.50 to $6.70, hovering around five-year lows.
How AVAT got here
Avalanche Treasury Co. reached the public markets through a merger with Mountain Lake Acquisition Corp., a special purpose acquisition company. The deal was first announced back in October 2025 and valued the combined entity at over $675 million.
That valuation looks ambitious given where things stand today. A simple back-of-the-envelope calculation: 15 million AVAX tokens at roughly $6.60 each puts the token holdings at just under $100 million. The gap between that figure and the $675 million merger valuation tells you the market was pricing in significant future growth, ecosystem revenue, or both.
